Yoon's Surprise Visit to Ministry of Land, Infrastructure and Transport Report... "Need to Closely Examine Multi-Homeowner Regulations"

President-elect Yoon Suk-yeol is encouraging officials during the Ministry of Land, Infrastructure and Transport briefing held in the meeting room in Tongui-dong, Jongno-gu, Seoul on the afternoon of the 25th. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Hyemin] President-elect Yoon Seok-yeol made a surprise visit to the Ministry of Land, Infrastructure and Transport's briefing session on the 25th. He reaffirmed the policy direction of easing real estate regulations, stating, "Ultimately, policies that ignored market principles have fueled the tremendous rise in housing prices."

President-elect Yoon attended the Ministry of Land, Infrastructure and Transport's Economic Subcommittee 2 briefing held at the transition committee office in Tongui-dong, Jongno-gu, Seoul, in the afternoon. Regarding the surprise visit, he explained, "Although I do not get involved at all in the transition committee's briefing process, I came because housing issues are of great public interest and importance."

At the session, he said, "The housing market tends not to move toward equilibrium if left alone but rather to deviate from it," and urged, "The government must manage this well so that prices stabilize and continue moving toward the equilibrium point." He added, "If housing prices are unstable, household debt increases due to loans for excessive home purchases, causing significant side effects on the economy. Considering these factors comprehensively, the government must formulate policies."

He also stated that more meticulous review is needed regarding regulations on multi-homeowners. President-elect Yoon said, "During the election process, I met various real estate experts, but their opinions differ slightly. Some say multi-homeowners should be strictly punished or sanctioned, while others argue that regulations should not be excessive to encourage listings according to market principles and to consider tenants."

He emphasized, "Since this is all related to the sales transaction market, we need to examine more carefully whether it is appropriate to impose excessive regulations just because someone is a multi-homeowner."

President-elect Yoon stressed, "The most fundamental thing is that supply should meet demand where there is demand, with actual listings and new supply being made." He placed emphasis on supply and deregulation, saying, "For that, deregulation of housing construction must follow, and land supply must be provided." He also requested, "Please address this issue in relation to the overall economy rather than dealing with it micro (microscopically)."

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